Stull, Stull & Brody Announces Investigation on Behalf of Participants & Beneficiaries of the Advanta Corp. 401(K) Plan & Emp...
October 22 2009 - 12:27PM
Business Wire
Attorney Advertising. Stull, Stull & Brody announced today
that it has commenced an investigation relating to the 401(k)
defined contribution retirement plan and employee stock ownership
plan of Advanta Corp. (“Advanta”) (NASDAQ:ADVNA; NASDAQ:ADVNB).
Among other things, Stull, Stull & Brody is investigating
whether fiduciaries of the Advanta 401(k) plan and employee stock
ownership plan may have violated the Employee Retirement Income
Security Act of 1974 (“ERISA”) by failing to disclose the Company’s
true operating condition to participants and beneficiaries of the
plans (including disclosures relating disclosures of the impact of
the economic environment and the deteriorating credit trends on its
business and the Company’s recording of losses for its impaired
loans and customer delinquencies, which may have caused the
Company’s financial results to be materially false), by offering
Advanta stock as an investment option under the plans when it was
not prudent to do so, and/or by allowing an imprudent
overconcentration of Company stock in the Company’s 401(k)
plans.
If you held Advanta stock in an individual account under any the
Company’s 401(k) plan or employee stock ownership plan you may, if
you wish, consult with a representative of Stull, Stull & Brody
at no cost or obligation. The contact information for Stull, Stull
& Brody is as follows:
Email: Advanta@ssbny.com
Fax: (212) 490-2022 Toll Free Number: 1-800-337-4983 (Michael J.
Klein, Esq.) Mail: Stull, Stull & Brody 6 East 45th
Street New York, NY 10017
Stull, Stull & Brody has extensive experience in protecting
the rights of 401(k) plan participants and beneficiaries and
shareholders of public companies. Stull, Stull & Brody is
presently representing classes of 401(k) plan participants in many
class action cases throughout the country. Stull, Stull & Brody
maintains offices in New York and Los Angeles.
Attorney Advertising. Prior Results Do Not Guarantee A Similar
Outcome.
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